Ethereum Price Analysis: ETH/USD Consolidating Above $400

Key Highlights

ETH price remained in a tight range above the $400 support level against the US Dollar.

Yesterday’s highlighted important bearish trend line is intact with resistance at $410 on the hourly chart of ETH/USD (data feed via Kraken).

The pair has to move past $410 and the 100 hourly simple moving average to gain upside momentum.

Ethereum price currently consolidating against the US Dollar and bitcoin. ETH/USD is stable above $400, but it is facing many barriers near the $410 level.

Ethereum Price Resistance

There was no major move above the $415 level in ETH price against the US Dollar. The ETH/USD pair traded in a tight range above the $400 level with a few positive moves. Yesterday, there was a minor upside move above the $405 level. However, the upside move faced sellers near the $410-412 area and the 100 hourly simple moving average. The price declined once again, but the $400 level acted as a support.

At the moment, the price is trading above the $400 level with an immediate resistance at $407. It represents the 50% Fib retracement level of the last drop from the $413 high to $400 low. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $410 on the hourly chart of ETH/USD. The bearish trend line at $410 is close to the 100 hourly SMA. Moreover, the 76.4% Fib retracement level of the last drop from the $413 high to $400 low is also near $710. Therefore, a break above the $410 level and the 100 hourly SMA is needed for more gains in the near term.

Looking at the chart, ETH price is still trading in a range above $400. It may possibly make the next move above $410 if buyers continue to defend $400.

Hourly MACD – The MACD is currently in the bearish zone.

Hourly RSI – The RSI is struggling to move past the 50 level and is currently at 45.

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